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Struggling to make your mortgage paymemts

What options might be available? Below a list of Options that may apply to you.

 

Below is a list of options your lender may offer you.

  • loan modification
  • Work out a repayment plan
  • Give your home back to your lender through a “deed-in-lieu of foreclosure”
  • Short-sell your home prior to foreclosure if your home is worth less than you owe.
  • You can also standard sell your home prior to foreclosure if you owe less than the home is worth. 

Notice of Default


A notice of default is usually sent out to home owners by their lenders when they have failed to make their mortgage payment for 4 consecutive months. This is the first formal step in the foreclosure process.



How to Avoid Foreclosure

How to avoid foreclosure

The most important thing you can do when you’re having trouble paying your mortgage is take control. In most cases, the worst thing you can do is nothing. Taking control means taking four steps

Make or take a call for help

 Take control by accepting calls from your mortgage  servicer. Even better, call your mortgage servicer  as soon as you know you can’t make your monthly  payment. The phone number is on your monthly  bill. Tell your servicer why you can’t make your  monthly payment and ask the servicer for help  avoiding foreclosure. 

Ask for free expert help

Your servicer may be able to help if you get in  trouble with your loan payments. If you can’t get  what you need from your servicer, ask for expert  help from housing counseling agencies near  you. The counselors can develop a tailored plan  of action and help you work with your mortgage  company. Visit consumerfinance.gov/mortgagehelp or call (800) 569-4287 and enter your ZIP code, to  find a HUD-approved housing counselor. 

Slam the scam

 Scam artists try to take advantage of homeowners  who get into trouble by charging lots of money— even thousands of dollars—for false promises of help.  You should not have to pay anyone to help you avoid  foreclosure. The help you need may be available at  no cost to you from your servicer, or through a HUD approved housing counseling agency. 


Apply for help

Your loan servicer must contact you, provide you with accurate information, and tell you about loss mitigation options you may be eligible for. Loss mitigation refers to the ways your servicer can work with you to avoid foreclosure. If you send in a complete application to your mortgage servicer early enough, your mortgage servicer has to tell you the options you have to keep your home, or if it makes more sense, to leave your home.

 Your mortgage servicer can’t make a first notice or  filing for foreclosure until you are more than 120  days behind on your payments. In addition, when  you submit a complete application for mortgage  help early enough, the mortgage servicer can’t  start foreclosure while you’re being evaluated or if  you’re following through on the requirements of a  loan modification. So get it done, and don’t delay.  The earlier you complete the application, the more  protections you get.

The Information is deem reliable but not guaranteed. Please visit the Consumer Financial Protection Bureau for updated information.

Visit The Consumer Financial Protection Bureau

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  • Free market analysis
  • Seller's Tips
  • Proposition 19
  • IRS Section 121
  • IRS S 1031 Exchange
  • Buyers
  • Buyer Tips
  • Notice of Default
  • Real Estate News
  • Real Estate Articles

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